House costs enhanced in 2022, yet total sales dropped

January 21, 2023

House costs in Maine remained to tick up in December, although sales remained to slow down.

The statewide typical prices for residences offered last month was $330,000, an 8.9% rise over the rate in November 2021, according to numbers launched Friday by the Maine Organization of Realtors. December was the 4th successive month with a single-digit year-over-year rate rise after greater than 2 years of double-digit walkings. The typical is the rate at which half the residences cost even more cash and also fifty percent cost much less.

An overall of 1,091 residences in Maine offered last month, a 36.6% decline from December 2021.

The overall variety of statewide residence sales in 2022 was 16,832, down 17.5% from the previous year. The typical prices for the whole year was $335,000, up 12% over 2021.

” The sales year finished with simply over 16,800 residences offered and also a mean prices of $335,000– down 8.5 percent given that its optimal in June,” states Carmen McPhail, head of state of the Maine Organization of Realtors and also associate broker at United Nation Way Of Living Feature of Maine, with workplaces in Lincoln, Bangor and also Lubec. “In general, the numbers show the effect of home mortgage price boosts, the normal fourth-quarter seasonal stagnation and also an ongoing lack of for-sale real estate supply.”

In 2022, 13 of Maine’s 16 regions reported double-digit boosts in typical prices. The highest possible typical was $491,723 in Cumberland Area, up 13% over $434,900 in 2021. The best adjustment remained in Washington Area, where the typical enhanced 31.5% from $163,500 in 2021 to $215,000 in 2022.

Every area reported a reduction in the variety of devices offered from 2021 to 2022.

” We’re seeing a little a time out as customers and also vendors are readjusting their assumptions as a result of today’s less-favorable funding terms contrasted to mid-2022,” claimed McPhail. “As we relocate via 2023, we anticipate prospective customers to re-engage with the marketplace and also the need for domestic property to continue to be high. Problems agree with for a progressive harmonizing of the property market.”

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